foreign currency accounts

The State Bank of Pakistan and the government have denied baseless claims circulating on social media concerning the Foreign Currency Accounts, Roshan Digital Accounts, and Safety Deposit Lockers. The government and the central bank assure all account holders maintaining Foreign Currency Accounts (FCA), Roshan Digital Accounts (RDA), and Safety Deposit Lockers in banks in Pakistan that their accounts and lockers are completely safe.

 

There Are No Freezing Actions Against RDAs and Foreign Currency Accounts 

 

The governmental entities also assured that there is no proposal under consideration to put any restriction on RDAs, foreign currency accounts, and lockers, stated the joint statement issued by the SBP and Ministry of Finance. “Rumors are circulating on social media that the Government or State Bank is considering freezing or placing restrictions on withdrawals from Foreign Currency Accounts, Roshan Digital Accounts, and Safety Deposit Lockers. Such rumors are absolutely incorrect and baseless,” added the statement.

 

The State Bank of Pakistan has explained that such a proposition has neither been considered currently nor in the past. Moreover, foreign currency accounts, including Roshan Digital Accounts, are lawfully protected under the Foreign Currency Accounts (Protection) Ordinance 2001, and the Government and the State Bank are determined to protect all the economic assets in Pakistan, including the aforementioned.

 

The Government is Taking All Necessary Measures to Stabilize Pakistan’s Macroeconomic

 

The government and State Bank are carrying out all required measures to ensure macroeconomic stability in the nation. The recent difficult decisions taken by the government, including the lowering of subsidies on petroleum products, will pave the way to reach an agreement with the IMF and release of the IMF tranche and financial assistance from other multilateral agencies and friendly countries. The joint statement further added, “We are confident that these measures will relieve the temporary stress being faced due to elevated global commodity prices and geopolitical tensions, and eliminate uncertainty in the economy.

 

Read more: SBP Foreign Exchange Reserves Further Deplete in the Current Financial Crisis

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